Legal Business Structures Table TYPE OWNERSHIP CONTROL LIABILITY TAXATION FILING FEE Individua Controlled by Owner is All business income None Owner personally liable is considered Sole for all business personal Income to Proprietorship debts the owner and is laxed at personal income tax rates Two or more Controlled by the All partners are Individual partner $300.00 individuals or partners In jointly and prorated share of Payable to the General other entities accordance with severally liable partnership income Secretary of Partnership according to partnership for all partnership or loss is included State 6 Dol.C.. partnership agreement dobis on the respective 6 Del.C. $15-101 agreement Income tax return of $15-1208 the partner and taxed at personal or corporate rates Two or more Genera General Same as general $300.00 owners; two partner(s) may partner(s) are partnership Payable to classes of dissolve at their fully liable for al Secretary of owners; genera discretion, limited business debts, State Limited partners and partners do no limited partners 6 Del.C. Partnership imited partners have this option only llable to $17-1109 6 Del.C. General partners extent of capital $17-101 generally run Invested business, as specified in partnership agreement Shareholders Owners share Owner's llability Corporation pay tax 8 Del.C (Unlimited ownership Is limited to on business Income $391 number) through stock amount of capita at corporate tax Based on the and business i contributed rate; profits number of "C" Corporation managed through unless acting as distributed to authorized 8 Del.C. a Board of guarantor of shareholders and shares or Directors; certain corporate debt are taxed at assumed no legal regulations personal income tax par capital also apply rate payable to Secretary of State Shareholders Same as *C Same as "C Corporation not 8 Del.C Corporation Corporation faxed; income is $391 Subchapter "S' Above above; generally taxable to the Based on the Corporation limited to assets shareholders at number of 8 Del.C. In corporation their personal authorized income tax rate shares or assumed no par capital payable to Secretary of State One or more Controlled by Generally, same Taxed as $300.00 Limited Liability members members or as "C partnership Payable to Company managers, as set Corporation corporation or may Secretary of 8 Del.C out in operating above be disregarded State $18-101 agreement depending on 6 Del.C. election made. See $18-1107 "Check the Box" regulations Two or more Controlled by Limited and Same as general $200.00 per owners; limited partners in General partners partnership partner not to Limited Liability partners accordance with only llable to exceed Partnership partnership extent of capita $120,000.00 8 Del.C. agreement invested Payable to $17-214 Secretary of State 8. Del.C. $15-1207